Bank index hits 7month low
StanChart down on profit slump
UK car output growth strongest in Sept
FTSE 100 down 0.8, FTSE 250 off 0.5
Oct 26 Reuters The UK39;s FTSE 100 declined on Thursday as Standard Chartered led a slide in bank stocks and Unilever led a drop in consumer shares after the two bluechip companies posted disappointing earnings.
The FTSE 100 declined 0.8 by 0830 GMT, while the midcap FTSE 250 edged 0.5 lower, on track for a threeday losing streak.
Shares of Standard Chartered dropped 11.2 to the bottom of FTSE 100 after the UK lender reported a 33 tumble in thirdquarter pretax profit due to a nearly 1 billion hit from exposure to China39;s banking and troubled real estate sectors.
The broader banks index slid 2.7 to its lowest level in seven months.
Unilever met market expectations for thirdquarter sales growth after raising prices at a slower rate but failed to win back shoppers who traded down to cheaper products amid elevated inflationary pressures globally.
The Dove soap maker39;s shares fell 2.7, while the personal care, drug and grocery stores index lost 1.7 to hit its lowest since midNovember last year.
Between higher interest rates and inflation that continues to remain high, companies are being hit heavily, said Daniela Hathorn, senior market analyst, at Capital.com.
WPP, the world39;s largest ad group, cut its fullyear outlook for the second quarter in a row, taking its shares down 3.1.
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